HSBC Holdings, in a new earnings statement, says its U.S. mortgage business suffered writedowns of $760 million in the first half.But the bank -- which earlier this year exited the subprime correspondent market -- said the $760 million in mortgage-related writedowns is not significant because it had already booked reserves of $715 million. "As a result, our impairment allowances remained largely unchanged at $2.1 billion," it said. The London-based bank is the parent of HSBC Finance, Prospect Heights, Ill., the nation's second-largest subprime lender. HSBC said it has modified 5,000 loans as part of a "contact" program geared toward 19,000 troubled borrowers.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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